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you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play out. what sort of impact medium term do you think this is going to have on consumer and corporate confidence in america, given that the fiscal cliff is clearly weighed heavily on both of those in recent months? >> the sad thing, you know, from an observer's standpoint here is that there isn't much corporate or consumer confidence in the american government. and it's proved itself dysfunctional time and again over the last couple of years. what you hear now is not how people believe that there's going to be some last-minute deal, but how they remember the ti
you'll see estate taxes go up, investment taxes go up. there is an endless list of expiring provisions of law that will, in fact, expire if nothing is done. and i think even if something is done at this point, what you're looking at is something very scaled back, something very small and congress will have to come back next year and take a look at trying to get to some of those other issues. >> alistair here. that sounds about right to me, assuming that that scenario is how things play...
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Dec 30, 2012
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you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least raising the capital gains rate would help address this anomaly and susan collins and clara mccasical give legitimate -- you have billionaire equity managers paying 39%. i think this is a source of unfairness and inefficient and we should be taxing all income at the same rate. >> a fiscal cliff compromise likely won't happen without those special interests in having their say and their sway with these negotiations. i mean, how much do these lobbying groups really wind up turning the negotiations in a certain way to really make things sort of end up where we just started? >> again, capital gains an
you look at say they raise tax rates, the top tax rate to 39.6% for those making more than $500,000, that's going to mean a lot of small businesses are going to pay that nearly 40% marginal tax rate where you have billionaire private equity funds paying 15, 20 or even 24 depending on where they put it. not an issue of penalizing investment income but penalizing labor and those who make their income through wages and they should both be taxed at the same rate. i do, again, fundam and at least...
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Dec 27, 2012
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but perhaps democrats think if they add an extension of the estate tax cut or other tax extenders in there they can lure some republicans. but that is part of the negotiation that will go on behind the scenes between democrats and maybe one by one republican after republican, what do you need in order to come to the table? >> senate democrats say the best chance of passing the bill is to wait until the last minute. why is that? >> this is going to make voters and viewers so happy i'm sure. the reason is they know the reality and the reality is -- and we have seen it time and time again. congress acts when they are up against a deadline and really not before. we're pretty close to the deadline but it won't be until they are literally facing the cliff, teetering off the edge of the cliff that many republicans will say uncle, i will go for this, even though i don't think it is the right thing. for the most part democratic and republican sources think the most likely scenario is going off the cliff. the reason is this is not going to make voters or viewers happy, because politically it i
but perhaps democrats think if they add an extension of the estate tax cut or other tax extenders in there they can lure some republicans. but that is part of the negotiation that will go on behind the scenes between democrats and maybe one by one republican after republican, what do you need in order to come to the table? >> senate democrats say the best chance of passing the bill is to wait until the last minute. why is that? >> this is going to make voters and viewers so happy...
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Dec 27, 2012
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but perhaps, democrats think if they can add an extension of the estate tax cut or put tax extenders in there they can lure some republicans. but that is part of the negotiation that's going to go on behind the scenes between democrats and one by one republican after republican. what do you need in order to come to the table. >> the senate democrats saying they think it's best to wait until the very last minute. why is that? >> this is going to make voters and viewers so happy i'm sure. the reason is because they know the reality. and they have seen it time and time again, congress acts when they are up against a deadline and not before. we are close to it. but it won't be until they are facing the cliff and teetering off the edge that the republicans will say fine, uncle, i'll go for this even though i don't think it's the right thing. but i've got to tell you, randi, still for the most part, democrat and. >> rob: sources do think that the most likely scenario is going off the cliff, and the reason is because, again, this is not going to make voters or viewers happy, is because poli
but perhaps, democrats think if they can add an extension of the estate tax cut or put tax extenders in there they can lure some republicans. but that is part of the negotiation that's going to go on behind the scenes between democrats and one by one republican after republican. what do you need in order to come to the table. >> the senate democrats saying they think it's best to wait until the very last minute. why is that? >> this is going to make voters and viewers so happy i'm...
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Dec 29, 2012
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that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time lawmakers got a pay raise was in 2009. >>> this morning, i want to tell you about the fact that we know the name of a man pushed to his death at a new york city subway station now. he's identified as 46-year-old dusend. a sketch of the suspect. she's described as a heavy set woman in her 20s who was wearing a ski jacket and sneakers. poppy harlow has more on the investigation for us. >> it was horrible. >> reporter: this man says he heard the final scream of the victim. james callanan's train was halted. >> they said last stop on the train, debris fell on the tracks. >> reporter: witnesses say the victim was standing on the edge of this subway platform in queens when a woman who was pacing and talking to herself pushed him on the tracks. surveillance footage captured this woman running from the station. police are searching for the woman they describe as heavy set in her 20s wea
that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time lawmakers got a pay raise was in 2009. >>> this morning, i want to tell you about the fact that we know the name of a man pushed to his death at a new york city subway station now. he's identified as 46-year-old dusend. a sketch of the suspect. she's described as a heavy set woman in her 20s who was wearing a ski jacket and sneakers. poppy...
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president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories from raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and ultimately cost america its aaa credit rating for the first time in history. >>> but in a last minnesota minute compromise, both sides agree to $1 trillion in spending cuts up front, and another $1.2 trillion in cuts to be decided by a special congressional super committee. but a poison pill was attached. if the super committee can't reach a deal, automatic across the board cuts known as the sequester would go into effect, starting january 2013. at the exact moment when those bush tax cuts extended for two years, if you remember, would exp
president of americans for tax reform. norquist's pledge, signed by almost all republicans in congress, forbids signatories from raising taxes ever, under any circumstances. things come to a head in the summer of 2011. republicans demand the government reduce its deficit as a condition for raising the nation's debt ceiling. without a deal, the u.s. would lose its ability to borrow money. both democrats and republicans deploy scorched earth tactics that nearly shut down the government and...
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Dec 24, 2012
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that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats especially who i'm talking to in the senate which is probably where this will originate, the reality is that democrats don't hold a very big majority. her going to need to have a handful of republicans to cross party lines and vote with them on the whole concept of raising any taxes. especially what the president wants which is something that is raising taxes on all americans making more than $250,000. that's the senate. never mind the house, which of course, made clear to the house speaker that they won't even go for something that's a million dollars or more when it
that plan would block tax hikes for those earning $250,000. it would extend unemployment benefits to 2 million americans and put off spending cuts until the new year brings a new congress. our expert on all matters relating to the fiscal cliff is dana bash. she joins me now from washington. dana, great to see you again. tell me does even a band-aid approach work? >> it's going to be tough. this is all math. but it really has to do with the math with regard to votes. and democrats...
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Dec 28, 2012
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but the danger for them is that these stopped being the bush tax cuts and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win for republicans, but if those tax cuts ended up getting branded as obaobama's tax cuts t he passed after we went over the fiscal cliff, it then loses whatever upside there was for republicans, except, and we have to mention this, for republicans vulnerable to primary challenges, there's obviously a lot of anxiety about being, you know, the first republican in 20 years to vote for a tax increase. i think that's the big fear, that it's been so long. republicans haven't cast this kind of vote. you don't want to be the first one to do it. >> yeah, and charles, we're told the democrats may be waiting
but the danger for them is that these stopped being the bush tax cuts and become the obama tax cuts, right? i think that's what conservatives and republicans should be most worried about from a long-term political perspective right now. i mean, in a sense, they have sort of -- they have won a particular policy battle in the sense that most of the bush tax cuts, both parties believe should be extended. right? we're talking about 97%, 98% of the bush tax cuts. you could say that's a policy win...
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Dec 30, 2012
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an increase in the estate tax. in case those discussions break down, the president asked harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. now, that's really a democratic proposal and you could expect republicans to block it, so, rather than thinking of that as a stop gap measure, probably think of it as a political measure to shift the responsibility for failure on to republicans just before the nation hits the hour of wreckening. alison? >> thanks. >>> lawmakers could vote as early as today and when it happens, you can watch live coverage right here on cnn. >>> the president will continue to plead his case for a deal today. he's making his first appearance on a sunday talk show in more than three years. he'll be on nbc's "meet the press." he'll call for an immediately vote for congress on a scale-back plan that would only extend middle class tax breaks if the negotiations fail. >>> other news now, second degree murder as a hate
an increase in the estate tax. in case those discussions break down, the president asked harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. now, that's really a democratic proposal and you could expect republicans to block it, so, rather than thinking of that as a stop gap measure, probably think of it as a political measure to shift the responsibility for failure on to republicans just before the nation hits...
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Dec 30, 2012
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an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans just before the nation hits the hour of reckoning. alison. >> thanks. with everyone from the president to republican leaders expressing hope for a deal by tomorrow night, at least one congressman says the chances look slim to none. listen to virginia democrat jim moran as he describes why he'll likely vote against a deal. >> my congressional district would be the hardest-hit if we go over the fiscal cliff. i have tens of thousands of federal employees and a great deal of defense spending would be at risk. so if we don't suspend
an increase in the estate tax. in case those discussions break down, the president has asked democratic leader harry reid to prepare a separate bill to put on the floor of the senate that would raise taxes on households that earn $250,000 or more. that's really a democratic proposal, and you can expect republicans to block it. rather than thinking of that as a stop gap measure, you should probably think of it it as a political measure to shift the responsibility for failure onto republicans...
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Dec 24, 2012
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. >>> nine days left before you face a new year with higher taxes. apparently a fiscal cliff solution is not wrapped up as a gift under your christmas tree. lawmakers are home for the holidays. house speaker john boehner is in ohio, president obama is in his native hawaii. you'll hear about a last ditch effort that may happen after the holiday. that story just a few moments away here as well. >> a united states senator was arrested for drunk driving early sunday morning. idaho republican mike crapo was taken to jail in alexandria virginia after midnight. he was stopped for running a red light and charged with driving under the influence. the senator has issued an apology. he was released on $1,000 bond and he has a court date. >>> christmas, two days away, and for much of the country it's going to be a white one. heavy snowfall has blanketed several states up to five feet of snow is expected. snow is also falling back east as well. like lake effect snow has blanketed areas around cleveland and buffalo. high winds are threatening to delay flights in n
. >>> nine days left before you face a new year with higher taxes. apparently a fiscal cliff solution is not wrapped up as a gift under your christmas tree. lawmakers are home for the holidays. house speaker john boehner is in ohio, president obama is in his native hawaii. you'll hear about a last ditch effort that may happen after the holiday. that story just a few moments away here as well. >> a united states senator was arrested for drunk driving early sunday morning. idaho...
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the cliff won't just stop at taxes. some fear banks will tighten up on consumer lending, meaning you might not be able to get the new loan for a car or a home. with me now is sheila bair, the former chairman of the fdic and author of the new book "take the bullhe horns." thanks for coming on with me. >> thanks for having me. >> president obama met with top party leaders friday saying he was moderately optimistic. with your washington negotiation experience, where do you really think they are in the process? are you really any closer to a deal, or is this just more posturing? >> i think this whole mess is really embarrassing spectacle. this should have been resolved long ago, and i do think, actually, they are going to get a deal, but i think it will be more along the lines of kicking the can down the road. i don't think, at least from this point what i'm hearing, we'll get meaningful debt reduction. certainly mot month-onot meaninx reform. perhaps a permanent restructure of the tax reforms those making under $150,000. t
the cliff won't just stop at taxes. some fear banks will tighten up on consumer lending, meaning you might not be able to get the new loan for a car or a home. with me now is sheila bair, the former chairman of the fdic and author of the new book "take the bullhe horns." thanks for coming on with me. >> thanks for having me. >> president obama met with top party leaders friday saying he was moderately optimistic. with your washington negotiation experience, where do you...
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the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are before the end of the year when everybody's tax go up. >> we heard from senator reid earlier today. they were dealing, in his words, with a dictatorship. are we expected to hear from him or any of the players from the hill in terms of trying to move this forward, whether it's publicly, in the public arena or privately? >> we are. we're told we should expect to hear from the senate republican leader mitch mcconnell. the senate is in and he will likely take to the floor we're told and give a status report from his perspective. what we're talking about right now in the senate is whether or not the democrats
the president's tax plan he campaigned on for five years which is to let the tax plan expire for households making less than $250,000. he would add unemployment insurance. the thinking here is he would potentially also add extending the estate tax cut. the estate tax has been at a relatively low level. it expires also at the ipd of the year. but, you know, this is all you know, to'ing and fro'ing right now to see if it's possible to pass anything to keep most americans' taxes where they are...
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tax group that i run, we want to continue the tax -- lower tax rates for all americans. we want to go to the tax reform that's in the paul ryan budget. the house of representatives has already pass ed twice the ryan budget, which reforms taxes for all americans, takes the top rate to 25%, which is what the europeans do for the business community. we want to go there. how do you get there? i'm not sure that defeating plan b strengthens our ability to get there. i think, in fact, that plan b was a good step in the right direction towards protecting and continuing the tax cuts for everybody. >> and do you think that republicans sort of shot themselves in the foot because they defeated this. at the end of the day, the votes might be there for tax increases that from the republican perspective, are even worse than what the speaker offered that they wouldn't let him even bring up for a vote. >> as i read the speaker's proposal, plan b, i thought it moved us in the direction of maintaining all the bush tax cu cuts. look, this is not a fight that begins and ends the first week o
tax group that i run, we want to continue the tax -- lower tax rates for all americans. we want to go to the tax reform that's in the paul ryan budget. the house of representatives has already pass ed twice the ryan budget, which reforms taxes for all americans, takes the top rate to 25%, which is what the europeans do for the business community. we want to go there. how do you get there? i'm not sure that defeating plan b strengthens our ability to get there. i think, in fact, that plan b was...
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the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well including the child tax credit and the earned income tax credit. >>> from a mars landing to a deep water dive, scientific and technical breakthroughs this past year were amazing. here's john zarrella with a look at the top 10. >> at number 10 a revolutionary camera called litro. >> it's such a powerful technology breakthrough, that this will forever change how we take and experience pictures. >> it captures the entire light field ail louse the focus and perspective to be changed after its been taken. number nine, nasa's dawn spacecraft sent back staggers data about an as tro
the bush era tax cuts expire, and it's not clear what the tax rate would be. but the average household would see a tax increase of $3500 a year. that is according to the fax policy center. what about the 2012 tax returns? well, there would no fix for the alternative minimum tax, and that would delay tax filings. as many as 100 million people might not be able to file their return until late march. that means tax refunds could also be delayed, and some major tax credits would expire as well...
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mainly trying to find a way to avoid those tax hikes for most americans. that could also include an extension of unemployment benefits. what is unclear is whether other things such as budget cuts eliminating that sequester that's coming up or other things will be in that deal. when will all of this happen? the soon they could vote is tomorrow, but leadership tells us that they are just hoping to get the outlines of a deal to their members tomorrow so a vote also possible monday. that's when senator reid has said he wants the vote to hap n happen. again, just to be clear, we don't think anything on the sequester will be in this deal at this point or the debt ceiling. those are other issues floating around. right now this deal seems more focused and small. let's listen to what the two senators were saying last night, sounding more optimistic. >> it was a very positive meeting. there was not a lot of hilarity in the meeting. everyone knows how important it is. it was a very serious meeting and it took an extended period of time, as you all know, waiting for u
mainly trying to find a way to avoid those tax hikes for most americans. that could also include an extension of unemployment benefits. what is unclear is whether other things such as budget cuts eliminating that sequester that's coming up or other things will be in that deal. when will all of this happen? the soon they could vote is tomorrow, but leadership tells us that they are just hoping to get the outlines of a deal to their members tomorrow so a vote also possible monday. that's when...
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politically, members of congress will have to vet on tax cuts as opposed to now which are tax increases which are much harder to take. >> that's right. because the tax hikes will happen whether or not congress acts, so the school of thought here is that if republicans and temp kratz were to allow this just to happen, then they could vote for infect only tax cuts, not be on the record voting for tax hikes. now for the very staunch anti tax folks, it's unclear if that would really pass muster with them, but certainly this is something being considered you know, dana. >> absolutely. i'm sure the markets won't know that. brianna, good to see you. while in hawaii, president obama and first lady michelle obama paid their respects to late senator daniel inouye. inouye died last week from a respiratory illness. he was 88 years old. following that the president went to visit the grave of his old grandfather who is buried at the very same cemetery. >> he will be missed and remembered, as he was on sunday. >>> christmas eve, of course. crunch time for holiday travelers. a big storm out west, delay
politically, members of congress will have to vet on tax cuts as opposed to now which are tax increases which are much harder to take. >> that's right. because the tax hikes will happen whether or not congress acts, so the school of thought here is that if republicans and temp kratz were to allow this just to happen, then they could vote for infect only tax cuts, not be on the record voting for tax hikes. now for the very staunch anti tax folks, it's unclear if that would really pass...
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that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time there was a pay raise was 2009. >>> there is one thing the senate has agreed on, getting aid to victims of superstorm sandy. by a 61-33 vote the chamber passed a measure offering $60 billion in help. it heads to the house which must approve the bill by thursday or else the process to consider the money has to start all over again. at least 113 people were killed when superstorm sandy hit in late october. the governors of new york and new jersey, the hardest hit states, have estimated damages at more than $78 billion. >>> and turning to weather. even though winter is just over a week old, millions of americans probably can't wait for spring to arrive. me, as well, yes. scenes like this in maine are playing out all across the country as snow is now on the ground in almost 65% of the lower 48 states. at least everybody's enjoying it together. look at this video from arkansas where
that's an extra $900 before taxes. currently members of congress make $174,000 a year except for leaders who make a little more. the last time there was a pay raise was 2009. >>> there is one thing the senate has agreed on, getting aid to victims of superstorm sandy. by a 61-33 vote the chamber passed a measure offering $60 billion in help. it heads to the house which must approve the bill by thursday or else the process to consider the money has to start all over again. at least 113...
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and the estate tax, whether there would be a specific to keep the estate tax from going up. now, as we know, reid and mcconnell are going to work out an agreement. the next element of this is that the president said if senators reid and mcconnell cannot come to a deal, the president did ask that republicans allow his alternate proposal come to a vote, the $250,000 measure. because the white house believes and democrats broadly believe that that could pass in both the house and the senate, candy. >> so jessica yellin is watching this from the white house as we await the president. i want to give you a couple of statements that we got up on capitol hill. these from senator reid and senator mcconnell, the respectively majority and minority leaders in the senate. the two men who are going to be talking over the next 24 hours to try to fix this fiscal cliff thing. here's what they had to say. >> we had a long meeting in the white house it was very constructive. i hope that the next 24 hours will be very instructive with what we're able to accomplish. >> was there discussion of a
and the estate tax, whether there would be a specific to keep the estate tax from going up. now, as we know, reid and mcconnell are going to work out an agreement. the next element of this is that the president said if senators reid and mcconnell cannot come to a deal, the president did ask that republicans allow his alternate proposal come to a vote, the $250,000 measure. because the white house believes and democrats broadly believe that that could pass in both the house and the senate,...
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Dec 25, 2012
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tax cuts as opposed to before january 1st, they'll have to take a vote on tax increases? >> well, i think the president is keenly aware of the fact that going over the cliff, the so-called cliff without a congressional solution is not good for average americans. so i think he'll do everything to avoid it. he's coming back early from that short trip to hawaii. but i think that that clip you played from mr. norqist is really an important observation that we can see from that clip. he's talking about a long struggle about taxes and entitlements but right now, what it comes down to is -- will the republicans support legislation right now in these next seven days which are going to protect -- which would protect average americans from the real hardships that might be imposed upon them if we do nothing? or if they're not -- if republicans won't support this immediate legislation, will they, you know, will they make everyone be held hostage to their tax pledge to grooefr norqist? this is one man who is set on no new taxes on millionaires or on anybody and if the republicans hold
tax cuts as opposed to before january 1st, they'll have to take a vote on tax increases? >> well, i think the president is keenly aware of the fact that going over the cliff, the so-called cliff without a congressional solution is not good for average americans. so i think he'll do everything to avoid it. he's coming back early from that short trip to hawaii. but i think that that clip you played from mr. norqist is really an important observation that we can see from that clip. he's...
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leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this point there are a number of options for some sort of bill that senate majority leader harry reid could put on the floor, but right now it appears democrats in the white house are pushing for something that still concentrates on making sure that income tax rates for those making a quarter million dollars or less don't go up. that said, it's really hard to see how at that rate senator mcconnell might allow some republican senators to support it or that some republican senators would even want to jump on board with that and even harder to see how a bill like that is something that house speaker john boehner would
leaving washington, president obama urged congress to pass a mini plan that would preserve middle class tax rates. brianna keilar joins us live from hawaii. what do we think will happen as the holiday week rolls out? >> reporter: well, and don, we should probably say where our senate majority leader harry reid and senator mcconnell, the republican leader in the senate, because now all eyes turn to the senate. they're set to come back to town on the 27th. that is thursday. and at this...
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we're going to see a lot of tax changes. payroll tax holiday. that would expire, and that means that the amount taken out of your paycheck would go from 4.2% to 6.2%, so that means if you're making $50,000 a year, it means $83 a month comes out of your paycheck. over the cliff it means you have a delay in tax refunds for the 2012 returns and that's because there's yet to be a decision made. also at stake, spending cuts. that can impact jobs. there will be big cuts to defense. that could put about 300,000 jobs at risk. unemployment benefits are cut, meaning about 2 million long-term unemployed run out of benefits. let's not forget the doctors in this. they face a 20% cut to payments for treating medicare he patients. that's a small sampling. i haven't mentioned the overall impact to the economy. company cans will continue holding off on hiring even more than now. many people believe we'll go into a reception, and the list seems to go on and on. if you want to read more about this, go to cnnmoney. it breaks it all down. they get into the numbers f
we're going to see a lot of tax changes. payroll tax holiday. that would expire, and that means that the amount taken out of your paycheck would go from 4.2% to 6.2%, so that means if you're making $50,000 a year, it means $83 a month comes out of your paycheck. over the cliff it means you have a delay in tax refunds for the 2012 returns and that's because there's yet to be a decision made. also at stake, spending cuts. that can impact jobs. there will be big cuts to defense. that could put...
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that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall and don't come through and the cliff comes, people will, indeed, feel it all over this country. >>> u.s. army general whose temper earned him the name stormin' norman has died. general norman schwarzkopf was one of the most celebrated military leaders in the post-vietnam era. he led coalition forces pushing iraq out of kuwait in 1991's "operation desert storm." the retired general died yesterday in tampa, florida, at age 78. >>> former president george h.w. bush released this statement. he says, "general schwarzkopf epitomized the duty
that also means a delay in tax refunds. the treasury department normally sends out about $72 million in tax refunds in january and february. that would not happen if the fiscal cliff comes. they wouldn't be able to keep up with the workload. and there would be unexpected higher taxes for most americans because remember, that's another part of the equation. so many different groups could be hit in many different ways at many times. but the bottom line is if these negotiations continue to stall...
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Dec 25, 2012
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we're now just seven days away from tax hikes for pretty much all americans. spending cuts that could break millions of families' budgets, and it could launch the economy back into a recession. president obama spent christmas eve playing golf with friends in hawaii, and right now the senate looks like the last hope for neglect getting past the fiscal krif. want to go to the white house correspondent briana keilar who is traveling with the first family in honolulu. any discusses at all that you're hearing from from sources in either party right now? >> reporter: some discussions, but they are not really surprising ones, dana right now we understand that the white house is talking with senate democrats, and this is exactly what you would expect ahead of the senate reconvening on the 27th when it's really up to senate majority leader harry reid to try to figure out some sort of measure that can get some republican support in the senate and some republican support in the house in the hopes of averting the fiscal cliff. this is really a bit of a last-ditch effort,
we're now just seven days away from tax hikes for pretty much all americans. spending cuts that could break millions of families' budgets, and it could launch the economy back into a recession. president obama spent christmas eve playing golf with friends in hawaii, and right now the senate looks like the last hope for neglect getting past the fiscal krif. want to go to the white house correspondent briana keilar who is traveling with the first family in honolulu. any discusses at all that...
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Dec 26, 2012
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that's the alternative minimum tax. also the wealth tax. conceived to prevent the wealthy from paying no taxes at all through deductions. congress has failed to pass an a adjustment to keep the amt from roping in lower taxpayers. irs was expecting that to happen. if congress fails to do so, revenue officials will start a lengthy and costly process of reprogramming computers. it could be march until effective taxpayers can file. >>> an interactive map is causing outrage in one community. what do all these little red dots mean? what do they locate? and why is a new newspaper under fire? we'll explain. year-end event. so, the 5.3-liter v8 silverado can tow up to 9,600 pounds? 315 horsepower. what's that in reindeer-power? [ laughs ] [ pencil scratches ] [ male announcer ] chevy's giving more. get the best offer of the year -- 0% apr financing for 60 months plus $1,000 holiday bonus cash. plus trade up for an additional $1,000 trade-in allowance. hurry. bonus cash ends january 2nd. [ sniffs ] i took dayquil but my nose is still runny. [ male an
that's the alternative minimum tax. also the wealth tax. conceived to prevent the wealthy from paying no taxes at all through deductions. congress has failed to pass an a adjustment to keep the amt from roping in lower taxpayers. irs was expecting that to happen. if congress fails to do so, revenue officials will start a lengthy and costly process of reprogramming computers. it could be march until effective taxpayers can file. >>> an interactive map is causing outrage in one...
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do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll be waiting to see exactly when president obama is coming back but we understand that the senate even though it reconvenes on thursday may not, senate democrats may not roll out a bill until closer to the new year. also get some republican support and put pressure on the house to take it up. >> we'll be following that very closely. have a wonderful christmas and of course we'll talk with you a little bit later. if there are any developments on the fiscal cliff. stay with cnn for any movement on that standoff day or night. we're the woolstons in turkey. i'm joel. >> katy, sidney, brittany. >> we'd like
do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll...
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Dec 26, 2012
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to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is our correspondent from washington. you look at this and we're hearing echos of the past. the republican speaker from the house of representatives said, and i have it here somewhere, i don't want to be critical of john, meaning john boehner, but if you don't ever bring something to the floor without the votes. so this is what happened last thursday night where he brought this bill to the floor, his plan b, and it went nowhere. was that a major miscalculation for him? >> it was. look, denny was the speakner nea differ
to cut taxes. a much easier vote to cast for republicans as well as some democrats. as for the president, is he nhe scheduled to leave his family tonight, come back to washington tomorrow morning, in the hopes of helping his fellow democrats try to find enough republicans to pass his plan. but of course this goes without saying that was a plan that most if not all republicans campaigned very strongly against. >> the most likely scenario is actually did go off the cliff now. ryan liza is...
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Dec 27, 2012
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big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats don't think that the president will have much political damage. that does seem to be coming more from democrats here in congress than in the white house. democrats here in congress feel that it's a win-win for them politically. the one thing i will tell you very quickly, the pushback on this narrative that i heard from senate republican leader in the hallway. he said, do you remember who the speaker was during the hoover administration? i said, no. he said, that's my point. nobody will remember who the speaker was if ge into a recession but it's the preside
big cuts in the pentagon and big tax hikes. the white house, from all indications that i've seen, they don't want that to happen. they are scared of what could happen to the markets. >> why aren't they dalg dealing with boehner? dana, be go ahead. jumpb in here. >> i think they won their negotiating power once boehner last week failed. as dana pushed out, the only thing that can get boehner is to do something. >> reporter: i think that you're right when i said that democrats...
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it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and tax reform, because americans want tax reform and we don't want to hurt the economy, and, look there, are not enough millionaires in the united states to tax them all to be able to spend our way out of this problem. so let's -- let's give up a little bit -- each side can concede a little. and i think we can fin middle ground. i'm optimistic. >> we had your colleague nan hayworth last hour. she was expecting work to be done in the senate. the house did its best, boehner did his best, now it's up to the senate to come up with something. is that your position now
it will hurt every taxpayer, the largest tax increase in history. it will affect everybody, and anyone who is watching who thinks, oh this isn't going to impact me, you will fin out d o will, and we know the problem is a lot of spending. not that we're not taxing people more, we're just spending too much. we hope that the president understands that as for as republicans are concerned, we're willing to negotiate and have a civil conversation, but also he's got to bring in some spending cuts and...
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Dec 25, 2012
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>> back in '69 they came out with something called "minimum tax." and in '82, the alternative minimum tax and this was a way to make sure the ch wealthy pay their fair share. this is how to level the playing field a little bit. this simply says now it's around $74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today. so if individuals earning $45,000 today might be impacted by additional taxes by this amt if something's not done. and, again, this is just a way to try to -- the problem with the amt is it wasn't adjusted for inflation so as time went on and prices have gone up and people have made more money and inflation has gone into place, things have not adjusted for the what the amt is now currently so this is going to be a big piece and those in the finance world are looking at making sure that this thing doesn't come into play. come 2014, people will have a big surprise if they file t
>> back in '69 they came out with something called "minimum tax." and in '82, the alternative minimum tax and this was a way to make sure the ch wealthy pay their fair share. this is how to level the playing field a little bit. this simply says now it's around $74,500. if -- it will go down to about $45,000 if the fiscal cliff goes off and nothing is done to adjust it. individuals now getting $45,000 back in '82 when first enarngted which is a lot different than $45,000 today....
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Dec 24, 2012
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and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter: there is an open line of communication, i would say, with senate democrats, hala. but there is really no substantive conversations between the folks that you with need for there to be conversations between in order to strike a deal. the white house and congressional republicans, and perhaps more alarmingly, senate democrats are not in conversations right now with senate republicans or with house republicans. and this is problematic obviously because in order to avoid the fiscal cliff, you would need to find some sort of deal that would make it through the senate and the house and
and defending on details of your own situation, various tax breaks slipping away. in other words what we're calling the fiscal cliff. a plan to stop it all from happening still alludes washington, so congress has broken camp for the holidays and the president has gone to holiday on vacation. brianna keilar is out there for us in honolulu, eight days away from the fiscal cliff. are there any contacts occurring on this topic between the president and anyone in congress, briana? >> reporter:...
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not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides financial's -- there are goods that go from 5 to education with the it is healthier, more civic -- warlock the to vote. but of good as some from a college education. we should be putting the highest priority and of the lowest possible priority. the states, the first place they cut is there or to government. we get what we sow and we think about or read our society to be in a few hundred years. not cutting the one thing that is a real embarrassment into the future. " a the thing i should say, i am sure that mark has a few things to add to, i will give you examples of a parent loan situation. i
not even talking about state income-tax. pays for the costs of the paul in come tax with a decade. have students are nontraditional students. the half our traditional, they have a typical -- you have 10- years to pay back for the cost of the grant and 30 years of profits. is a 13%. they will all turn up not as much of federal government, but there is so the federal return to government. wises up thinking about this as a purely benefit to the student but a benefit also to the government decides...
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is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there are a number of senate democrats up for reelection in 2014 that not want to see that tax rate rise. that is a political football here as well. host: as we are in the final hours, what is motivating congress more, public perception, the stock market's? guest: i think it is both of those things. the stock market, all of the analysts i have talked to, they built in a certain amount of time to give congress a face to work this out. increasingly, there is concern that if they do not work this out, the markets will react. particularly kagel we go over the cliff and there is
is it just numbers in terms of tax brackets, were specific tax proposals? guest: believe what the two are fighting over is the threshold of the tax rates -- who is wealthy? people who make over $250,000 a year, or should that number be higher, $400,000, $500,000? another big sticking point is the estate tax. this has received a preferential tax rate dating back to the bush era tax cuts. it was extended again two years ago. that is the real sticking point. it divides the senate democrats. there...
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Dec 26, 2012
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there are income tax rates currently at 35% tax rate. what about people who are paying a rate of 15%? -- how about the unearned where people are paying a rate of 15%? there was a wealthy person who told me several weeks ago, people in my category are not worried about the earned income tax rate. most of our income is not earned. yeah, exactly right. that is why we should not lose focus of the unearned income tax rate. there is a differential between -- there is a 20% differential between unearned and earned income. why are we penalizing work? a person who works for the money pays a higher effective rate than somebody who doesn't. i know paris hilton is adding a lot to our society. i'm sure she is. but somebody who is just living off an inheritance, they are paying a rate of 15% and somebody that is paying a rate of 15% and works hard and is productive is paying a rate of 35%, honestly, i do not see any justification for that. >> sir? mic. >> i wanted to ask you if there is some negative effect from these policies. what would you think ab
there are income tax rates currently at 35% tax rate. what about people who are paying a rate of 15%? -- how about the unearned where people are paying a rate of 15%? there was a wealthy person who told me several weeks ago, people in my category are not worried about the earned income tax rate. most of our income is not earned. yeah, exactly right. that is why we should not lose focus of the unearned income tax rate. there is a differential between -- there is a 20% differential between...
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about extending the tax cuts in 2010 and the payroll tax cut in 2011. at last minute the politicians, with a deal that makes the deficit worse-- and come up with a deal that makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. you: let's share with yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those conversations and discussions continue. we remain hopeful that will get a breakthrough. what happened between the two leaders in the senate had broken down, because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. host: a late word from "politico" from republican leader mitch mcconnell. let me read to you a story that he and the vice president engage
about extending the tax cuts in 2010 and the payroll tax cut in 2011. at last minute the politicians, with a deal that makes the deficit worse-- and come up with a deal that makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to...
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tax revenue for the government. i want to urge congress and senators to vote for keeping our tax cuts in place, especially for the middle class and pushing our fiscal crisis to a balanced approach. go ahead and eliminate those tax cuts for the wealthiest individuals. if we all look at it and tried to consider what was going to work for the best, we needed to look at consumer demand. consumer demand is in the 98% of us who are out there driving the economy. the economy require strong consumer sentiment and strong business. i am urging congress to take action. stop playing games. let's move on. thank you. [applause] >> thank you so much, bob. it's a wonderful to have a sensible message from a a small business who really knows what makes our country work. now, i am honored to introduce to you stu and theresa. the mother of three in maryland and will talk to us about the reality she experiences both house and mother but also working within the community college system. sue. >> thank you for coming. i live nearby in mary
tax revenue for the government. i want to urge congress and senators to vote for keeping our tax cuts in place, especially for the middle class and pushing our fiscal crisis to a balanced approach. go ahead and eliminate those tax cuts for the wealthiest individuals. if we all look at it and tried to consider what was going to work for the best, we needed to look at consumer demand. consumer demand is in the 98% of us who are out there driving the economy. the economy require strong consumer...
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increase january 1, the payroll tax will go up. we had a bit of a bend because of the recession and the attempt to put more money in people's pockets so you were taking money away from social security in that regard. it is not that people have been spending it, it has become as opposed to locked in a box -- it has become more fungible in terms of the economic crisis. politicians have spent some of the social security money but the bigger issues is with medicare and entitlement programs that have grown larger a last few decades. some of them will get partially cut -- things like supplements for seniors and food programs -- those things are now on the table. the age of eligibility for medicare, even the republicans are open to that idea. president obama is open to the idea of linking the consumer price index to a lower rate of growth, the so-called chain cpi and what that will mean for medicare and social security and all the entitlement programs. it will slow growth and decrease the amount of checks that go out to people who get mon
increase january 1, the payroll tax will go up. we had a bit of a bend because of the recession and the attempt to put more money in people's pockets so you were taking money away from social security in that regard. it is not that people have been spending it, it has become as opposed to locked in a box -- it has become more fungible in terms of the economic crisis. politicians have spent some of the social security money but the bigger issues is with medicare and entitlement programs that...
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goodnight steven king who is wearing a tax. goodnight unknowns and goodnight famous, goodnight elmore leonard and martin a mist. and goodnight 1995 nobel prize winner. it was the best i could do at that one. goodnight stars, goodnight air, goodnight writers everywhere. thank you. [applause] ♪ >> for more information about the national book awards, visit national book.org. >> we don't know whether franklin roosevelt ever heard about the unprecedented call for health care as a right. even though he had endorsed the conference, he chose that time to go on vacation. fdr was actually ana cruz. i guess we can't really blame him. it was probably pretty well deserved vacation to three years earlier fdr had refused to include medical coverage is part of the social security act because he did not want to antagonize the medical profession. he did send a message of support to the health conference but not long afterward the outbreak of world war ii force the president's attention elsewhere. five years later on january 11, 1944 in his sta
goodnight steven king who is wearing a tax. goodnight unknowns and goodnight famous, goodnight elmore leonard and martin a mist. and goodnight 1995 nobel prize winner. it was the best i could do at that one. goodnight stars, goodnight air, goodnight writers everywhere. thank you. [applause] ♪ >> for more information about the national book awards, visit national book.org. >> we don't know whether franklin roosevelt ever heard about the unprecedented call for health care as a...
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Dec 26, 2012
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basically i pay taxes. you pay taxes. melissa: on pays taxes? >> exxon does not pay their fair share. they get tax breaks that are written into the law by their very highly-paid lobbies and supported by the many congresspeople who they give millions of dollars to every year in election campaigns. melissa: but still you said tax breaks. that is tax breaks that is their money hanging on to. it is not money they're getting back from congress. it is their money. >> it is money that everyone else has to pay. you know they get a special tax break for, for instance, if they want to make a project internationally they have a special government-backed loan program at u.s. export import bank. last year that program alone provided $10.4 billion fossil fuel subsidies. melissa: can i ask you better for my children and went out like the navy and spent $26 a gallon on biofuels or the air force which is spending $59 a gallon would that be better for my children we were all doing it. i don't like the air force and navy doing that. that is bad for my children's f
basically i pay taxes. you pay taxes. melissa: on pays taxes? >> exxon does not pay their fair share. they get tax breaks that are written into the law by their very highly-paid lobbies and supported by the many congresspeople who they give millions of dollars to every year in election campaigns. melissa: but still you said tax breaks. that is tax breaks that is their money hanging on to. it is not money they're getting back from congress. it is their money. >> it is money that...
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low tax rates bring more revenues, not less revenues. lou: do you interpret all of the drama to be a lack of faith? in front of the growth model that has been demonstrated, as you point out, over the past two years. they are really saying the economy cannot grow fast enough to support the government. we will not see revenue increase unless we raise taxes. >> that is correct. the pre-verse thing is you don't get growth if you raise tax rates. in california and several other states that topate is approaching 50% effectively with a 50% top rate, a business have as much incentive to fire somebody to lower-cost as to hire somebody to increase revenues. lou: it is a high risk experiment, but nonetheless experiment bringing tax levels above 50%, the nation see califa behave as the canary in the coal mine, if you will, when it comes to economic growth and the ability to support an ever-growing government? >> of course. people are just fleeing california. california is what happens to countries that raise their tax rates. entrepreneurs flea and w
low tax rates bring more revenues, not less revenues. lou: do you interpret all of the drama to be a lack of faith? in front of the growth model that has been demonstrated, as you point out, over the past two years. they are really saying the economy cannot grow fast enough to support the government. we will not see revenue increase unless we raise taxes. >> that is correct. the pre-verse thing is you don't get growth if you raise tax rates. in california and several other states that...
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adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it in new jersey if the people in new jersey voted for it? basically there was a referendum in new jersey and that was approved by two to one where the people said, yes we want sports betting. so. adam: they allow some things in nevada not appropriate for family hour that i don't think people in new jersey want but we won't go there. last word on this this won't happen anytime soon. how many years out are we talking? >> i think you're probably right altugh it is possible. monmouth park is talking about getting started and waiting to see wh
adam: tax it. >> tax it. adam: sound like t scene in casablanca where the inspector says, i'm shock, shocked, to find out about gambling in this establishment. and ear here is your winning. >> it is hypocritical. adam: what do you think happens. >> at the end of the day supreme court will decide this. if the federal government wants to intervene my guess it goes to the supreme court and they have to decide under the constitutionan you allow something in nevada and not allow it...
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Dec 27, 2012
12/12
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FBC
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pledge not to increase taxes. lori: back off of politics. i'm curious about your take on the economy because the third quarter was revised upwards to over 3% growth. pretty good. you mentioned jobs, we're seeing some momentum, improvement in labor situation, housing is looking better, spending, questionable, almost like the economy, the domestic economy is like a powder keg ready to explode and to the good side meaning growth, not fall off a cliff, take a quick if you can out of the picture. how are the fundamentals of the economy? can you evaluate it without this other stuff going on in washington? >> the way to think about it is the economy in the fourth quarter is growing 1.5% to 2%. everyone's numbers around there. that is disappointing. the average in the postwar period was closer to 3 so we can do better. one of the reasons we are not doing better is there's so much uncertainty what government is going to do. i do believe we could have a great year next year provided that washington gets out of the way and i
pledge not to increase taxes. lori: back off of politics. i'm curious about your take on the economy because the third quarter was revised upwards to over 3% growth. pretty good. you mentioned jobs, we're seeing some momentum, improvement in labor situation, housing is looking better, spending, questionable, almost like the economy, the domestic economy is like a powder keg ready to explode and to the good side meaning growth, not fall off a cliff, take a quick if you can out of the picture....
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410
Jan 1, 2013
01/13
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FOXNEWSW
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the plan also expands the child tax credit earned income tax credit and up to $2,500 tax credit for college tuition. unemployment benefits would be extended for one year and the same for the medicare dock fix. the social security payroll tax cut reverts to a 6.2%. on the estate tax, the estate tax will have a 10-million-dollar exemption per couple with additional inheritance taxed at 40 pierce. these are details just coming out. they are influx. they could change. but we thought we would give you what we could. some of it is in the weeds but a lot of people are interested in the weeds. let's take a look at wall street's reaction to the ongoing cliff negotiations. fox business network correspondent rich edson is on capitol hill. rich, you know, the market had a pretty good day today as all this talk was going back and forth. and i guess before the market closed. a lot of the talk was they were really, really close to a deal. >> right, bret. when you consider earlier in the day when we started getting news that they were moving much closer to a compromise, wall street jumped at this and staye
the plan also expands the child tax credit earned income tax credit and up to $2,500 tax credit for college tuition. unemployment benefits would be extended for one year and the same for the medicare dock fix. the social security payroll tax cut reverts to a 6.2%. on the estate tax, the estate tax will have a 10-million-dollar exemption per couple with additional inheritance taxed at 40 pierce. these are details just coming out. they are influx. they could change. but we thought we would give...
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220
Dec 31, 2012
12/12
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FOXNEWSW
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unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace: traders on wall street are watching the president's comments. the chance of going over the cliff may not look great but the dow is up for the time being. we have fox coverage with wendell at the white house. but, first, mike is live on capitol hill. the senate leader is the -- actually, the minority leader, what is he telling colleagues? >>reporter: he said they are very, very close. he would like to take action to avoid having americans suffer a huge tax increase in a matter of ten hours. there are a lot of anxious senators walking around wondering if or when they will get a chance to vo
unemployment benefits would continue for one year and the estate tax would go up. we have learned lawmakers are still working out the automatic spending cuts. president obama weighs in saying middle class families can not get caught in the middle. >> the last thing folks like the folks up here on this stage can afford right now is to pay an extra $2,000 in taxes next year. middle-class families can not afford it, businesses cannot afford it, our economy can not afford it. >>trace:...